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The "VA Funding Fee" is a fee
charged by the lender, which is 2.00 percent of the loan amount (2.75
percent for reservists), and is paid at the time of loan closing.
This fee may be included in the loan and paid from the loan proceeds!!!
The funding fee does not have to be paid by veterans receiving VA
compensation for service-connected disabilities, or who but for the
receipt of retirement pay would be entitled to receive compensation for
service-connected disabilities, or surviving spouses of veterans who
died in service or from a service-connected disability.
If a veteran makes a down payment of at least 5 percent, but less than
10 percent of the purchase price of the property, the funding fee is
reduced to 1.50 percent of the loan amount (2.25 percent for
reservists). If the veteran makes a down payment of at least Ten (10%)
percent, the funding fee is reduced to 1.25 percent of the loan amount
(2.00 percent for reservists). If a veteran who has previously
obtained a VA home loan obtains another loan with less than a 5 percent
down payment, the funding fee is 3.00 percent of the loan amount.
With a down payment of at least 5 percent, the funding fee is reduced to
the percentages shown above for down payments of at least 5 percent, but
less than 10 percent, and for down payments of more than 10 percent
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